The difference between today's new high versus the previous new high is non-confirmation from all the other market indices: SP500, Nasdaq 100, Russell 2000, and the Dow Jones Transportation. This total non-confirmation is a sign of a market top.
On the following chart, the yellow arrows highlighted the last high from each market index and notice the progression on dropping off from confirming with the DJI new high.
Until a major correction (trend reversal move) has occurred, I will be either on the sideline or on the short side.
Disclosure: long SPY PUT
